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The UK business of struggling jewellery chain Claire’s is on the brink of collapse, a week after its parent group filed for bankruptcy protection in the US.

The retailer filed a notice of intention to appoint administrators at the High Court on Wednesday, which is typically a precursor for a formal insolvency process.

The move is meant to “protect the business and its stakeholders while options for the future continue to be evaluated”, the company said in a statement.

Insolvency practitioners at Interpath Advisory, who have been trying to sell the business, are waiting in the wings to handle the administration “in the coming days”, the firm said.

The retailer, known for selling colourful necklaces and bracelets and offering ear piercing services, has almost 300 stores in the UK. It recorded a pre-tax loss of £4mn on sales of £137mn for the year to February 3 2024.

Will Wright, UK chief executive at Interpath, said it will try to keep the stores open for “as long as we can” as it assesses options for the chain, including “the possibility of a sale which would secure a future for this well-loved brand”.

The court filing comes after the wider Claire’s group, which operates 2,750 stores in 17 countries, applied for Chapter 11 bankruptcy protection in a Delaware court. The company last week said that it was in discussions with vendors and landlords about the future of its North American stores. It previously filed for bankruptcy in 2018, exiting Chapter 11 in 2022. The Illinois-based group is owned by a group of investment firms, including Elliott Management and Monarch Alternative Capital.

Last week, the group blamed “increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail” for the bankruptcy, as well as “debt obligations”.

The notice of intention to appoint administrators is meant to prevent creditors, such as suppliers or landlords, from claiming any money for 10 days before a company collapses.

Claire’s UK business is the second high-street brand to try to stave off collapse in as many weeks. Fashion retailer River Island managed to avert administration after a court approved a restructuring plan last week that includes the closure of 33 of its 230 stores.